Recap: Future Blockchain Summit @ Dubai Harbour

Thousands of crypto movers, shakers and enthusiasts descended in Dubai fromweek as the Future Blockchain Summit (the MENA region’s most immersive large-scale blockchain event) kicked off in high gear on October 15, 2023.

More than 130 exhibitors, regulatory authorities and governments from over 50 countries were present at the four-day event, which saw a lineup of more than 200 speakers. Key topics revolved around innovation, use cases, user adoption, innovation, security and regulation across the Web3, blockchain, gaming, cryptocurrency, AI and NFT sectors.

Here are some of the highlights from selected sessions:

Is Metaverse and Gaming the Same Thing? What Will the Impact Be?

Featuring Karen Jouve, CEO & Co-Founder of Web2 consulting firm Doors3, as well as Sam Huber, Founder and CEO of Landvault, a UK-based metaverse builder as well as Faisal Karim, Future Foresight Lead from the Dubai Future Foundation, the session sought to delineate blockchain gaming and the metaverse as two concepts which are commonly used interchangeably.

All three panelists were of the consensus that blockchain gaming was a part of the metaverse, as the metaverse has the potential for myriad other use cases, such as e-commerce, education and even industrial manufacturing. Said Mr Huber, “Gaming technology is what powers the metaverse.”

Mr Karim added that the metaverse was the future of gaming, sharing that the government-led Dubai Metaverse Strategy which was launched last year, aims to turn Dubai into one of the world’s top 10 metaverse economies. The initiative includes an ambitious goal to support more than 40,000 virtual jobs by 2030.

Will Web3 Gaming Ever Succeed?

Moderated by Paul Dawalibi, CNBC Arabia’s Game Changer, this panel discussion was held to delve into the prospects of Web3 Gaming and its potential for success, as well as the driving forces behind this burgeoning industry.

One of the panelists, Benjamin Charbit, CEO of Darewise, emphasized the pivotal role of content as the driving force propelling the Web3 Gaming paradigm. In his perspective, the essence of Web3 gaming does not rest solely on technology but hinges upon the fundamental premise that a game must be truly enjoyable for its players.

He also pointed out that a prevalent issue within this nascent field lies in the fact that a lot of projects are initiated by crypto enthusiasts primarily driven by profit motives. Moreover, a considerable number of Web3 game developers hail from non-gaming backgrounds, underlining the imperative need for authentic talents to transition from Web2 to Web3.

All three panelists agreed that the full-fledged realization of Web3 gaming’s potential is still a matter of time. It is pertinent to note that investments in this industry started around 2020, and it takes time to build exceptional games.

Attracting Global Gaming and Web3 Talent to Dubai

In his keynote address titled “Attracting Global Gaming and Web3 Talent to Dubai” on Day 1 of the conference, Mr Ahmed bin Sulayem, Chairman of the Dubai Multi Commodities Centre (DMCC) shared about the successful participation rate and growth of the ecosystem’s accelerator programmes, among other highlights. With over 550 crypto firms, DMCC boasts the biggest ecosystem of crypto and blockchain companies in the region.

Investment & Speculation in Crypto Assets

Among the featured speakers on Day 3 of the Summit was CoinW’s very own Chief Communications Officer Carmen Tan (second from left in picture), who participated in the session titled “Investment & Speculation in Crypto Assets.” TL;DR: education is key, as is a community built on sound fundamentals rather than empty hype. “We have to look at the philosophy of the project — what is its real-world use case? How can it benefit a user in real life? Are there safeguards in place to prevent market manipulation by large institutional players?” said Tan.

Stories from Songs Past and Present: How has AI Transformed the Music Industry?

Moderated by Ralph Simon, CEO of Mobilium Global, the session featured music heavyweights Fernando Garibay, Founder & CEO of the Garibay Institute, and OG Arabian Prince, Founding Member of N.W.A, the controversial American hiphop group. Mr Simon opened the session by highlighting the fact that streaming technology has greatly changed the music industry, with a record high of about 90,000 new songs being released everyday. As a result of this, money flows to where there is scarcity, which is why live concerts are currently the biggest revenue generators, he explained.

Mr Garibay highlighted that as AI permeates various sectors of life, consumers will crave “human” aspects more. In particular, as content creators start to rely on AI for production more and more, clarifying authorship will increasingly become a challenge. “What will it really mean when someone says that they ‘authored’ something?” At the same time, he added, “AI will give us the tools to become more human.”